Wisconsin native, conservative critic of everything.
"Once abolish the God, and the government becomes the God." ---G K Chesterton
"The only objective of Liberty is Life" --G K Chesterton
"Fallacies do not cease to be fallacies because they become fashions" --G K Chesterton
"A man can never have too much red wine, too many books, or too much ammunition." -- Rudyard Kipling

Thursday, July 21, 2011

Dodd-Frank: More "Needs", Eh?

Dodd-Frank (never forget that Chris Dodd was a chattel property of the Big Banks, by the way.)

...implementation will require $1.25 billion in new spending. It’s not cheap marshaling an army of 2,800 newly minted federal bureaucrats wielding fresh power over the private sector. Over the next decade, businesses will shell out $27 billion in fees, assessments and tithes to their new regulatory masters, according to Congressional Budget Office estimates.

Here's the "Dodd Effect":

Far from getting rid of bailouts, Dodd-Frank institutionalized them. Title II empowered the Federal Deposit Insurance Corporation with “orderly liquidation” authority, giving the agency discretion to intervene between a financial institution and its creditors in any way it sees fit.